Deploying the most powerful technology tools or building sophisticated processes help retailers maximize the shopper experience, drive operational excellence and ensure financial health. However, these results are all dependent on the quality of data used to drive business activities. Indeed, findings from Aberdeen Group’s Data-Driven Retail study shows that quality of data is the most pressing challenge influencing retailers’ data management activities — see the below figure.
Figure 1: Balance Quantity with Quality
Note: This question was asked as a multi-answer question, meaning that respondents were able to select multiple data management challenges impacting their activities.
Quality of data refers to the cleansing and profiling of the data captured across multiple channels (e.g. social media, web and mobile applications). Retailers capture myriad insights related to shopper activities through numerous channels, some of this data is structured and some is unstructured. Unless the data is cleansed and profiled, companies will struggle with establishing visibility into the consumer journeys through integrating data captured across multiple channels.
Savvy retailers are more than twice as likely as their peers to use technology tools such as database management to cleanse and profile customer and operational data. This helps them ensure that the data used to run analytics yields relevant results to guide shopper interactions as well as manage activities such as inventory management and pricing.
If you don’t currently have a data governance program designed to streamline your data management activities we highly recommend you to adopt one. This will help you ensure getting the maximum benefits out of your technology investments in areas such as omni-channel and analytics. It will also help you minimize business risks associated with using poor insights in guiding your strategic and tactical activities.
Research Director, Contact Center & Customer Experience Management
There are myriad technology tools that help retailers maximize shopping experiences. See Talend’s related post highlighting these technology enablers. It’s important to note that the results from use of technology are only as good as the input used through these systems. Talend and Aberdeen highly recommend companies cleanse and profile customer data captured across multiple channels in order to improve data quality, and as a result, the accuracy of insights gleaned through use of analytics as a retailer. Watch the Talend webinar on ensuring data quality to learn more on this topic.
To learn more on how Best-in-Class retailers build and manage data governance programs, read Aberdeen’s Data-Driven Retail study.
About the author, Omer Minkara
Omer Minkara is the Research Director leading the Contact Center & Customer Experience Management research within Aberdeen Group.
In his research, Omer covers the Best-in-Class practices and emerging trends in the technologies and business processes used to enhance customer experience across multiple interaction channels (e.g. social, mobile, web, email and call center). Omer’s research is widely consumed by senior-level Customer Care, Marketing, Sales and Service executives. He has published numerous industry research papers, which are used by executives worldwide to build and nurture strategic customer engagement programs. Omer also speaks frequently with global decision makers to discuss their customer management activities.
Omer has a strong finance background with significant international experience. Prior to joining Aberdeen Group, he was an auditor at PricewaterhouseCoopers in the Europe region. Omer has an MBA degree from Babson College, where he participated in the launch of a technology company, creating a customer acquisition and engagement strategy, and developing all the operational and financial forecasts for the enterprise.